FHSA Account

An FHSA combines the features of an RRSP and a TFSA.

First Home Savings Account (FHSA)

(Available at GP Wealth starting in April 2023)

Get started towards your goal of buying your first home. An FHSA is a new registered investment option introduced by the federal government specifically to help first-time home buyers achieve the goal of home ownership.

An FHSA is unique in that it combines features of both the Registered Retirement Savings Plan (RRSP) and the Tax-Free Savings Account (TFSA).

The contributions you make to your FHSA are tax-deductible, which means you can decrease your taxable income when filing your tax returns. Also, if you make eligible withdrawals from your FHSA to buy a home, those withdrawals won’t be taxed.

In addition, investment income isn’t taxable as the returns generated in the FHSA are always tax-sheltered.

You may be eligible to open an FHSA if you are 18 years old or older (and no less than the age of majority in your province), possess a Social Insurance Number (SIN), and have not owned a home where you resided in the current year or in the previous four calendar years.

Benefits of an FHSA Account

  • Save up to $8,000 annually and up to $40,000 lifetime for your first home
  • Contribute tax-free for up to 15 years
  • Unused contribution room from the prior years can be carried forward for as long as you have the account
  • May be used simultaneously with the Home Buyers’ Plan (HBP)
  • Tax-Sheltered Growth
  • Flexible Investment Options
  • Potentially reduce your tax bill and carry forward undeducted contributions indefinitely

We Offer 3 FHSA Investment Account Choices

Mutual Fund FHSA

Choose from an extensive lineup of mutual funds from more than 35 fund management companies. Our fund selection encompasses a full range of savings, income and growth funds.

Managed Portfolio FHSA

Building a diversified portfolio and constantly monitoring and adjusting it takes time and expertise. For this reason, many investors prefer our “All-In-One Fund Solution,” which offers an easy and effective way to handle the money management and asset mix.


We offer FHSA Guaranteed Investment Certificates (GICs) in terms ranging from one to five years. GICs provide guaranteed principal and interest, so they make an ideal addition to a diversified portfolio.

Get Started Now!

Open an FHSA account or transfer your existing FHSA account to GP Wealth Management. We encourage you to get professional advice when managing your FHSA account.


Related Information

The Value of Advice

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Client Relationship Document

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